Ripple Labs has announced its intention to file a cross-appeal if the SEC’s request for an interim appeal is granted in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). Ripple’s Chief Legal Officer Stuart Alderoty has encouraged the crypto community to delve into the details of Ripple’s opposition filing.At the heart of Ripple’s legal defense is its belief that XRP is a cryptocurrency and not a security. Ripple has argued that the XRP token serves a distinct purpose as a digital asset for cross-border payments and does not represent an investment contract. The SEC has argued otherwise, claiming that XRP’s sales to institutional investors should be classified as securities offerings.Ripple’s decision to potentially cross-appeal this specific aspect of the court’s ruling demonstrates its commitment to defending its position. In addition to the institutional investor sales, Ripple also stated its intention to defend against any attempts by the SEC to classify sales of XRP to On-Demand Liquidity (ODL) customers as securities.Ripple also intends to cross-appeal on points concerning the statutory interpretation of the word “investment contract.” This aspect of the case delves into the core definition of what constitutes a security under Federal securities laws.In the American legal system, the principle of finality is a cornerstone of the appeals process. This means that parties typically cannot appeal individual rulings or decisions issued by the court while the case is still ongoing. The SEC has sought permission from the court for an interim or interlocutory appeal, which Ripple has responded to by announcing its intention to cross-appeal multiple parts of the court’s decisions if the SEC’s request is granted. This demonstrates Ripple’s determination to ensure that all aspects of its XRP sales are scrutinized under the lens of crypto regulation.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | SEC, Stuart Alderoty, Judge Torres, Ripple Labs |
| Companies | X platform, U.S. Securities and Exchange Commission (SEC), On-Demand Liquidity (ODL), Ripple Labs, Federal securities laws |
| Currencies | Ethereum, XRP, Bitcoin, US Dollar |
| Securities | None |
